Chinese yard is number five

A Chinese shipyard leaped to fifth position in the global shipbuilding industry in terms of order backlog for the first time, posing a potential threat to South Korean shipyards currently holding a third of the backlog worldwide according to a Yonhap News Agency report.

As of the end of June, the combined order backlogs of South Korea?s top seven companies amounted to 39.15 million compensated gross tons (CGT), accounting for 34.5% of the industry?s aggregate total of 113.64 million CGTs.

South Korea?s top four shipyards, ranking No. 1 through No. 4 in the world, retained their respective standing with Hyundai Heavy Industries, the world?s No. 1 shipyard, having the largest order backlog at 11.74 million CGT. The order backlog of Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering amounted to 8.27 million CGT and 7.41 million CGT respectively. Hyundai Mipo Dockyard, one of the two subsidiaries of Hyundai Heavy Industries, was fourth with 4.11 million CGTs.

The remaining three domestic shipyards, ranked No. 5 through No. 7 worldwide as of the end of May, each fell by a notch while Dalian Shipbuilding Industry, created after a merger of two shipyards in Dalian, northeastern China, leaped to fifth place with an order backlog of 2.84 million CGT.